South Korea’s NPS Makes a Historic Coinbase Investment: Achieving 40% Profit
The post South Korea’s NPS Makes a Historic Coinbase Investment: Achieving 40% Profit appeared first on Coinpedia Fintech News
Coinbase has become the first virtual asset-related company to be included in the U.S. stock portfolio of the National Pension Service (NPS). The NPS purchased 282,673 shares of Coinbase stock worth $19.934 million in the third quarter.
The NPS’s investment in Coinbase has already yielded a 40% return, as the shares were purchased at an average price of $70.50 each in the third quarter.
First time NPS has invested in a virtual asset-related company, indicating a growing trend in institutional investment in the cryptocurrency industry.
South Korea’s National Pension Service has made a significant move by investing in Coinbase, a major cryptocurrency exchange listed on Nasdaq. This marks the first time the pension fund has included a virtual asset-related company in its U.S. stock portfolio.
According to a report submitted to the U.S. Securities and Exchange Commission, the National Pension Service purchased 282,673 shares of Coinbase stock in the third quarter, valued at $19.9 million, or approximately 26.1 billion won. This investment highlights the growing acceptance of cryptocurrencies and digital assets by traditional financial institutions.
Coinbase stocks surged along with the Bitcoin rally
Coinbase’s stock price surged 6.58% on Wednesday, closing at $98.15 on Nasdaq. This marks a 192.1% increase from the beginning of the year, when it was trading at $33.60. The company’s third-quarter earnings report showed a revenue of $674.1 million, up 14.2% year-on-year, and a net loss of $2 million, compared to a loss of $545 million in the same period last year.
The potential approval of spot bitcoin exchange-traded funds in the U.S. and the recent surge in the price of bitcoin have excited crypto-curious investors, leading to increased investment levels in crypto-related stocks. Bitcoin itself has risen 126.3% so far this year, trading at $37,446in Asia.
In summary, the National Pension Service of South Korea has made a groundbreaking move by investing in Coinbase, the first virtual asset-related company to be included in its U.S. stock portfolio. This investment highlights the growing acceptance of cryptocurrencies and digital assets by traditional financial institutions.
Filed under: Bitcoin - @ November 16, 2023 6:04 am